General insurance How to Choose a Loss Insurance Product?

Suba

Moderator
Staff member
There are several considerations that must be considered when we will determine a loss insurance product, whether used by yourself, a business or a company. Here are some considerations that must be made when we will choose a loss insurance product:
1. Separate goods based on their economic value.
So we only choose items that only need to be insured, so they won't waste money or will lose money. For example, if we take out fire insurance for a house/office building and its furniture, then we no longer need to add items that are less economically valuable, such as computers, air conditioners, etc. Because the recovery value will be low compared to the new purchase price.
2. Identify Items clearly
We need to identify the goods to be insured, such as in the garment business, what items need to be identified, of course, especially goods that are closely related to the production process such as sewing machines, generators, etc.
3. Choosing a Loss Insurance Company
Choose a loss insurance company that is well-known and licensed, we should not be surprised by paying cheap premiums, because it is feared that in the future this insurance company will not be able to pay the claims that we submit.
3. Find information about the insurance products offered
Get as complete information as possible about the insurance products offered, both the type of insurance, the premium rate, the coverage area, the amount of fees to be paid and also ask how the claim procedure is done.
4. Insurance Coverage.
Choose an insurance company that provides broad coverage, such as cover all risks for homes or buildings, as well as for vehicles such as cars and motorcycles.
5. Insurance product packages
I think it would be better to choose a package of insurance products at once rather than per item, so that cost savings will be obtained.
6. First Loss Insurance System
Use the First Loss Insurance system from the insurance company if we have an object of insured item that has a high value, intended only to reduce the premium we have to pay.
7. System Adjustable Policy
If will be insuring the inventory of merchandise, because the volume will change every day, week, month. then you should choose an adjustable policy system so that premiums will only be paid based on the volume or transactions that occur.
8. Read the Policy Statement Carefully
Read carefully all the statements on the insurance policy, before you approve the insurance policy.
 
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